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We have a large number of book-keeping clients and it is an area where we have seen a lot of growth - and I want to make th process as efficient as possible to make it profitable and cost effective for the clients.

Does Receipt Bank work well for practices that use it?

For those that do use it, what book-keeping software do you use? And how many transactions do you tend to have per month?

Replies (7)

Coding errors are the most problematical area for ReceiptBank, I don't know if it is an entirely humanless roboto OCR process at RB, but I see on a day to day basis errors in coding of purchase invoices fed into Xero by RB.

What to the human eye is obvious is all too often oblivious to RB's operatives (be they unintelligent individuals or OCR robots I know not which).

I think this comes down to how you implement it in a practice. Using the practice dashboard and internal resource to review prior to publishing you can get very good results. It is not a black and white tool in that it can do it all for you. You must work at it with each client and have someone managing it. You also need to setup well with Xero or QBO. Over time you can increase the % of submission auto published (so no review) once you build up confidence on a supplier by supplier basis for the client.

As implementation and ongoing management is key I think that is why you will get mixed feedback about effectiveness as everyone will have different expectations and different implementations for their clients.

We are pretty tech savvy (if we don't mind saying so ourselves ;) ) and have found we had to work hard to get things streamlined but found the results worth while. You can probably double or triple the client contention ratio of a bookkeeper using this which is a real win and the client interface is slick so it's up to you as to how you manage it in the practice as to how much you will get out.